Richard Cordray

7:47 pm
Mon July 16, 2012

Federal consumer watchdog agency will scrutinize credit reporting industry

Richard Cordray addresses a Consumer Financial Protection Bureau field hearing at the Detroit Institute of Arts.
Sarah Cwiek Michigan Radio

The  Consumer Financial Protection Bureau will start keeping close tabs on credit reporting companies, the Bureau's President announced Monday.

Richard Cordray told a field hearing in Detroit that CFPB—a relatively new federal agency created in the wake of the 2007-8 financial crisis--will start monitoring the largest credit reporting companies “just like we examine big banks” in September.

He says there’s still a lot we don’t know about the credit reporting industry, because no federal agency has had access to all the relevant information.

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